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14 November 2009

Subic Golf Course to sell $20-M shares

Around $20-million worth of shares are up for grabs as soon as the Securities and Exchange Commission (SEC) approves the selling of Subic Golf Course membership inside this premier Freeport.

Subic Golf Course operator Hanafil Golf and Tour, Inc. released the statement, adding that the money will be used for further development of the area.

Hanafil CEO Benjamin John Defensor III said that they are also planning to absorb all of the members the golf course that are in good standing.

He added that they would also be opening their doors to members who went dormant but would want to update their membership with the new golf course operator.

The golf course’s 500 members are composed mostly of Filipinos, but Defensor said that with the trend Subic Bay Freeport is going, it would not be long that foreign golfers would take the majority of members.

“We have already tapped Netforce International to reconstruct the facility. We are currently replacing the greens and fairways to make Subic Golf a world-class golf course, and we are utilizing the new nursery inside our facility to create the greens,” Defensor said.

Plans of building a new hotel and some luxury villas around the golf course are on the way, but the company reiterated that the developments being made are for the current and future members to appreciate.

“These developments will bring up the value of their shares,” Defensor said.

A study by the company shows that the peak season for golfing falls from January to March for cold weather countries, April to May for local golfers, and October to December. These are the times when the golf course is really busy.

The company plans to employ more than 150 golfing staff to accommodate the growing number of members, with a policy of preferably a golf staff per member every time they play.

With the recent acquisition of large local investors in the area like Ayala Land, expect Subic Bay Freeport to be at the forefront of tourism sites in the country today. (Jonas Reyes, Manila Bulletin)

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